Ford Motor Co. (NYSE: F) shares surged 10% in intra-day trading on Friday after the automaker posted third-quarter earnings above expectations, driven by resilient demand for its SUVs and pickup trucks.
Net income rose to $2.4 billion, up from $900 million a year earlier. Earnings per share were $0.45, beating LSEG’s estimate of $0.36, according to Reuters.
Ford said the financial hit from U.S. tariffs has eased significantly, now projected at $1 billion compared with a $3 billion estimate in July, following the expansion of federal tax credits for domestic auto and engine production.
CFO Sherry House noted that Ford would have raised its full-year outlook if not for a fire at supplier Novelis’ aluminum plant in Oswego, New York. The incident disrupted production of the F-150 truck line and is expected to result in pre-tax costs of $1.5 billion to $2 billion.
CEO Jim Farley said the company was working to offset those expenses but lowered full-year EBIT guidance to between $6.0 billion and $6.5 billion, down from $6.5 billion to $7.5 billion previously.
